SoftBank-backed OfBusiness plans up to $1 billion India IPO, executive says
SoftBank-backed OfBusiness, an Indian shopping website that offers raw materials to businesses, is planning an Indian stock market offering worth up to $1 billion and is close to appointing bankers, a top executive told Reuters on Tuesday.
The company is in active talks with Bank of America, Citi, JP Morgan and Morgan Stanley to manage the offer and plans to list on the Indian bourses in the second half of 2025, its Chief Financial Officer Bhavesh Keswani said.
The initial public offering is expected to total between $750 million and $1 billion, with about $200 million in new shares and the rest shares offered by existing shareholders to new investors, Keswani said.
«The IPO proceeds will be used for debt repayment and growing existing business,» he said in the company's first public comments on the IPO planning.
The four banks did not respond to Reuters requests for comment.
Japanese tech investor SoftBank Group and U.S. based investment firm Tiger Global have a roughly 15% stake collectively, while international investment firm Alpha Wave Global holds 18%.
OfBusiness is targeting a valuation between $6 billion and $9 billion, said a senior industry source with direct knowledge of the plans. Keswani declined to comment on the valuation.
The company, founded in 2015 by husband-wife duo of Asish Mohapatra and Ruchi Kalra, has so far raised more than $800 million from investors. Its last 2021 funding round valued it at around $5 billion.
It is forging its plans while India's stock market is in a hot streak,
